#Upbit is under investigation for alleged violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit. The review primarily focuses on violations of customer identification verification (KYC) obligations found during an on-site inspection last August. It is reported that Upbit has approximately 500,000 to 600,000 suspected KYC violations, including instances where accounts were opened despite blurry identification documents submitted by customers. The outcome of this review could include disciplinary action against Upbit employees, determination of the amount of fines, and may impact Upbit's Virtual Asset Service Provider (VASP) renewal registration process.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit, primarily focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. It is reported that the FIU found approximately 500,000-600,000 suspected KYC violations during the inspection, including cases where customers submitted blurred ID information but still completed account creation. This review will determine the disciplinary actions and fines against Upbit employees, focusing on whether the KYC violations are linked to money laundering activities. The outcome of the review will impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled for October last year but has been delayed due to this incident. Upbit is currently awaiting the outcome. Industry insiders anticipate that the registration renewal process for virtual asset service providers will gradually progress after this sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC obligations, and the Korean FIU will hold a sanction review committee on January 21.
This review will determine the penalties and fines against Upbit employees.
The review results could affect Upbit's virtual asset service provider (VASP) renewal registration process.
The FIU discovered about 500,000 to 600,000 suspected KYC violations during an on-site inspection of Upbit last August, including cases where customers submitted blurry ID information but still completed account opening.